« This was not an easy decision ». These words perfectly sum up the team’s state of mind. the NFT Recur platform to announce the scheduled end of the startup’s activities. In the midst of an interminable crypto winter, Recur will not have withstood the lack of interest in NFT which extends and plunges a large part of the sector into uncertainty and even resentment. The company’s spokespersons therefore communicated to users a calendar in order to best manage the closure of all services. Hello Kitty or the Razmoket could do nothing to prevent Recur from going under and closing its doors, bad news for users who had paid dearly for some of the platform’s products. Details to follow.
Despite major announcements and successful collections…
Rise 50 million of dollars to be valued at 333 millionannounce the hiring of 100 people and want to compete OpenSeaThese were the ambitions and the near future of Recur only two years ago. Since then, water has flowed under the bridge and the prices of many NFT collections have sunk in the wake of the ecosystem’s blue chips. Despite successful collections such as Hello Kitty or profile photos featuring Razmoketthe platform failed to stay afloat.
Likewise Recur Passold 300 dollars coins and offering privileges to its holders will no longer be of any use, even to those who bought them for a small fortune on the secondary market. The press reports the misadventure of a user who paid $88,888 for one of these famous Pass the cheapest of which is now quoted at less than $2 on OpenSea. The harder it falls…
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… NFT Recur platform announces planned end of operations
In a simple article type FAQ that the Recur have announced a provisional timetable for the end of their activities, which runs throughout the autumn. Users will thus have until mid-November to get organized and remove NFT as cryptos from their wallets. In a message shared on social networks, the team expressed its sorrow:
« Today it is with a heavy heart that we must share some difficult news. After careful consideration we have decided to close the RECUR platform as of November 16, 2023. »
Time to explain this decision, « unforeseen challenges and changes in the commercial landscape » are cited by the company, which warmly thanks users. Not sure that this will be enough to lift the spirits of owners of the more than 380,000 NFT created on the platform. Recur specifies, however, that media and metadata will be transferred to other networks and thus continue to exist beyond the platform.
The market for NFT is a big loser of the general downturn in crypto assets, with collections losing almost all their value. But far from speculation, use cases around NFTs are still multiplying and major brands continue to use them for what they are, namely a certificate of hyper-ownership to authenticate digital and/or physical content. The prestigious London luxury house is a perfect example.
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